Bank interest Rates/ Living in Santiago

agueybana

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Jan 11, 2002
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Maybe this question has been asked many times before, nontheless I'll put it out there again. What kind of interest rate can someone expect in a bank in the D.R. for lets say $RD2,000,000. Me and my wife have thought of moving to the DR or PR. I am orginally from PR and she is from Santiago. I like the DR and really don't mind any of the happenings of daily life there. I guess what worries me the most about moving there are my childrens education and healthcare. I know that I have thrown a lot out there, however I hope that this knowledgeable group of people can inform me on these matters. Sincerely,
Agueybana
 

Hillbilly

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Jan 1, 2002
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Pretty easy questions

You should get between 18 to 20 percent per year on your deposit. At a very solid bank. YOu could get a little less on Morgage paper thru one of the Savings and Loan Banks.

As for (1) Education-you can educate you children very well in Santiag. either in english or Spanish. I would recommend the latter, and have them learn english at the Dominico. After all we have dozens of boricuas studying in the Medical school here, and they do very well in PR wehn they go back.
(2) Health. Santiago is blessed with some of the top people in Medicine. the new Hospital Metropolitano will be a teaching and research insititution with ties to Mayo, Cleveland and Jackson.
Unless you require really extraordinary proceedures, there is nothing to worry about. And if you still worry, keep up your Statesdie Medical plan and take a Medevac Insurance (about $240 a year).

Finally, Santiago will be connected to the world in a short time,as soon as the airport opens..

HB
 

rasilm

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Bank Interest Rates

You can expect 15% on that amount, that is around DR$25,000 pesos per month (try Baninter they have the best rates).

I used to live in Santiago for almost 10 years and you can find very good privates School in Santiago. Regarding healthcare you can buy Healthcare Insurance for a family of 4 for DR$12,000 pesos per year.

Before buying a house or condo, you should rent first. A house or an apartment in a very nice neighborhood cost you around DR$6,000- 8,000 pesos per month.

I also lived in Puerto Rico for 30 years before retire to my country and I don't recommend you to move to PR, actually crime rate is to high and increasing. Now I live in Santo Domingo and have a little tourist transportation business as a part time job. Any other question, feel free to ask.

Rafael Silva
 

rasilm

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Hillbilly/ 18-20%???????

Please tell me which Bank is actually paying that rate. The more can you get is 16% if you deposit more that DR$3,000,000 millions pesos.
 

Paul Thate

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Jan 11, 2002
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i would think on that amount 15 percent is closer to the truth.
thats for a three month period.
However if you read the DR1 news
you saw the goverment taking another 5 billion pesos from them.
Will that put them in a liquidity problem.
Will The goverment ever pay them back.?
Maybe accept a few percentage point less with the most secure bank.
you will be better of.
 

marina

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Jan 2, 2002
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Medavac insurance for $240US?

Hi Hillbilly,
You posted medavac insur for $240? Can you tell me the provider? I'm looking for one in the US and the best I can find is $49US per month but includes $500K max in DR and $50Kmax in US, including up to $100K for medavac, $5K for family emergency.

Also, in your opinion, what do you think is the "safest" bank in DR, especially one w/a local branch close to Cabarete? Preferably one that you can set up US dollar account and get US certified checks.... I'm looking into Citibank but don't think they're necessarily better than a DR bank.

Thanks in advance for any insight you can provide.

Marina
 

rasilm

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Interest Rates

As a matter of fact, interest rates will go up eventually, but not as high as they were in the past, 23-24%. My humble oipinion is that it could go up up to 19% within a year.
 

Paul Thate

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Jan 11, 2002
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Re: bank safety

Originally posted by
certified checks.... I'm looking into Citibank but don't think they're necessarily better than a DR bank.

Thanks in advance for any insight you can provide.

Marina [/B]

if better is safer then citi is much better.

Citibank and Scotia bank are by far the safest banks
there is not a Dominican bank providing the same security.
without a question.
your money is very much safer in these institutions.
 

Hillbilly

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Jan 1, 2002
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I'll have to do some checking/Updated

1) As to Interest rates: I will have to ask again.
2) Med Evac insurance. I was only talking about the flight itself insurance. Med insurance I don't know about.

HB

And I will find the provider for you.

Updated: Banco Popular will give you (get this!!) 10% on your money in a CD. No matter 2, 4 or 20 million.. Bancredito will give you 12.5%
Loans are deposit rate + 12%. {As of today's date}

Popular is the largest bank in the country...also, it seems, the most liquid..
 
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